Increasing oil and gas development is the key to energy security in the near and medium term

At present, green and low carbon has become the consensus of the mainstream society in the world. The Chinese government has committed to strive to achieve carbon peaking by 2030 and carbon neutrality by 2060. To this end, while vigorously developing non-fossil energy, "removing coal and reducing oil" and gradually reducing the share and quantity of natural gas in energy consumption have become the main theme of the future development of the energy sector.

In the context of "dual carbon", the concept of "green finance" is heating up. Some people propose to significantly reduce investment in fossil energy and require financial institutions to stop providing loans for it. The argument that oil and gas is a "sunset industry" has resurfaced.

But the completion of the energy transition is by no means a one-off event, and has to go through a gradual historical process. Even after the carbon peak, the role of fossil energy as a fuel gradually declines, but its role as a carbon-based chemical raw material is still indispensable. Among them, natural gas will play an important role as a transitional energy in the energy transition. For most countries, the proportion of natural gas in the energy composition will increase in the near and medium term.

Our country emphasizes "holding the energy rice bowl in one's own hands" and emphasizing "carrying the oil drum in one's own hands". In the face of great changes unseen in a century, my country's energy security must be fully guaranteed. Not to mention the economic feasibility of "replacing oil with electricity" and "replacing oil with hydrogen" in the near and mid-term, only the increasing dependence on oil and gas imports has obvious shortcomings.

In view of my country's special national conditions, it is still necessary to strengthen oil and gas exploration and development in the near and medium term. It is not only necessary to continue to improve oil recovery and develop unproduced reserves in old oil and gas fields, but also to complete the development of new oil and gas areas and fields in a timely manner, so as to achieve continuous growth of oil and gas production. Seeking to strengthen the unimpeded domestic circulation to promote domestic and international dual circulation, seeking progress while maintaining stability, complementing multiple energy sources, and adapting measures to local and timely conditions are the only way to ensure the security of my country's energy supply and the smooth realization of energy transformation. At the beginning of this process, In the medium term, we will still vigorously develop oil and gas, which is a necessary choice suitable for my country's national conditions.